Becoming a billionaire is one of the hardest feats in the world. There are only 2,604 in the whole world as of 2019. There are more than 7.7 billion people on the planet. It comes to be one billionaire for ever 2.97 million persons. One of the remarkable things about billionaires is their mindset.
Billionaires think big, they execute to perfection and act decisively. They organise their lives methodically and maximise their success due to their mindset.
Kreyon Media conducted a research on 97 billionaires by looking at their interviews, studying their biographies, books and traits. Here are some fascinating insights from this research on self made billionaires:
1. Reading to Practice
Billionaires read a lot, an awful lot. They read to grow their knowledge, build valuable skills and educate themselves. Mark Cuban spends 3 hours every day reading, Warren Buffett spends almost 5-6 hours reading per day and Bill Gates reads 50 books every year.
Billionaires are readers, they are great storytellers and know how to connect the dots. Reading is a common hobby among billionaires. They love to explore new things, develop their own perspective on things and know how to put knowledge into action.
One thing that differentiates billionaires from others is the application of knowledge. The self made billionaires put learning into action, not just sit on information. They build actionable models that can be applied to larger contexts to gain maximum advantage for their business and personal lives.
2. No Entitlement
Ever wondered how some people feel that government is entitled to provide them everything they need. They complain and waste their energy feeling they deserve everything in the world.
Billionaires are exactly the opposite, they don’t feel entitled. Majority of these billionaires acquired their wealth through sheer grit, most of them took up odd jobs during their teenage years and are never afraid of working hard to realise their dreams.
Complaining, whining and negativity is something that can deprive you of your potential. Making a fortune requires efforts, struggles and hardships. If you spend time in self pity, you will lose out to those who are striving with full intensity. Billionaires realize that they are not so important, but what they do is.
3. Choosing Passion
One of the remarkable things about the self made billionaires is the aptitude for their work. Most of these billionaires figured out what they loved the most. They found their passion and they gave themselves to it.
For e.g. Steve Jobs & Wozniak founded Apple because they were passionate about building computers. It was their passion, they didn’t care about anything else in the world. They didn’t let other things get in their way of doing what they loved.
Money is a bye product of creating, articulating and distributing value in business. Most billionaires master this art. They hone their skills, build something that outlasts them and do things on a grand scale. They don’t do things to please others or show off, but because they are deeply committed.
4. Develop Better Mental Models
As per Wikipedia, “A mental model is an explanation of someone’s thought process about how something works in the real world.” In other words, we perceive the world through our mental models. Billionaires build better mental models and frameworks for solving problems.
They build their own reasoning, independent thinking and flexible mental models for things. For e.g. Charles Munger, the business partner of Warren Buffett, uses these mental models for figuring out their business decisions and investments in various companies.
A lot of billionaires make use of their mental models and interdisciplinary approach to things. They are able to build models, figure out analogies and build systems in various industries for this very reason. They train themselves to look beyond the biases to take the best decisions. They don’t fall into the trap of following the herd and do what everyone else is doing.
5. Physical Fitness & Stamina
Billionaires live an active lifestyle that makes them accomplish more than most other people. They are physically active, exercise, meditate and build up stamina. It is the reason, most of them are able to work hard for decades.
During their early years, most billionaires spend time on physical activities like sports or athletics. They continue exercising even in the later years. They are dedicated to a disciplined schedule that makes them healthy.
On an average, they are fitter both physically and mentally than other people. They are conscious about training their minds, handling emotions and keeping calm. Many of the billionaires are avidly into meditation for this reason.
6. Infectious Enthusiasm
Most billionaires are methodical and hardworking, but they exude energy and enthusiasm too. They can light up a room with their presence and make everyone raise their game to the next level. More often than not, it is the thrill of what they do that ignites them. People who benefit from their presence can feel this energy.
To be a billionaire, you need to be able to motivate your team and make them believe in what they do. The self made billionaires are optimistic, don’t give up easily on something and successfully visualise the future of their dreams.
